Alabama Code 10A-9A-1.13. Dual capacity
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Terms Used In Alabama Code 10A-9A-1.13
- GENERAL PARTNER: means :
(A) with respect to a limited partnership, a person that: (i) is admitted as a general partner under Section 10A-9A-4. See Alabama Code 10A-9A-1.02 - LIMITED PARTNER: means :
(A) with respect to a limited partnership, a person that: (i) is admitted as a limited partner under Section 10A-9A-3. See Alabama Code 10A-9A-1.02 - partner: means a limited partner or general partner. See Alabama Code 10A-9A-1.02
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- PARTNERSHIP AGREEMENT: means any agreement (whether referred to as a partnership agreement or otherwise), written, oral or implied, of the partners as to the activities and affairs of a limited partnership. See Alabama Code 10A-9A-1.02
- person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
A person may be both a general partner and a limited partner. A person that is both a general and limited partner has the rights, powers, duties, and obligations provided by this chapter and the partnership agreement in each of those capacities. When the person acts as a general partner, the person is subject to the obligations, duties, and restrictions under this chapter and the partnership agreement for general partners. When the person acts as a limited partner, the person is subject to the obligations, duties, and restrictions under this chapter and the partnership agreement for limited partners.